Focusing on the S&P 500
As the week progresses, we’ll be focusing on a critical “Bull Above/Bear Beneath” Pivot Level for the S&P 500 (NYSEARCA:SPY).
Can you believe today begins the final month of 2015?
Let’s see it and plan accordingly:
If you just want a key reference point, use 2,100 which is a “Round Number” Pivot Level.
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However, if you want to get more specific, look to the 2,093 level (highlighted) for a better reference.
This morning we saw price rally above this level, only to fall rapidly back beneath it.
I extended the horizontal lines to connect other key support and resistance levels.
These are new Price Targets on a departure (movement) away from the 2,100 Bull/Bear Pivot.
As you conduct your stocks scans and do additional analysis, focus on 2,093 and tilt yourself bullishly if price is above 2,095 (and above 2,100) or bearishly if – as we are now – beneath.